Nat Gas News – November 20, 2017
Lawsuit Accuses Utilities of Jacking Up Natural Gas Prices
News 8 reported: BOSTON (AP) — A class-action lawsuit has accused two utilities of conspiring to drive up energy costs in New England in a multi-year scheme that affected millions of customers. The lawsuit filed this week in Boston federal court alleges Eversource Energy and Avangrid Inc. used their market power to “unlawfully jack up” consumer electric bills, according to a statement from attorney Tom Sobol, of the law firm Hagens Berman Sobol Shapiro LLP. Court records show 12 people are listed as plaintiffs. The suit seeks $3.6 billion in damages— the amount it claims customers were overcharged. It accuses the utilities of manipulating the amount of natural gas available to power plants by reserving more than they needed from 2013 to 2016. The scheme raised electric prices by at least 20 percent for New England residents, affecting 7.1 million electricity customers. For more visit wtnh.com or click http://bit.ly/2Afh8fX
A New US-China Energy Relationship May Be On The Horizon
Forbes reported: Two important energy deals were proposed during U.S. President Trump’s trip to China, paving the way for Chinese energy investment in West Virginia and Alaska. The deals would increase dependence between the two nations and enhance collaboration in this key industry as the U.S. transitions into a role as an energy exporter. While the U.S. is in need of energy investment, China’s government has been encouraging energy firms to diversify abroad. The negotiations don’t come without caveats, which include both practical and political considerations. MOUs were signed between China Energy Investment Corp. and West Virginia to invest in shale gas, power, and chemical projects, and between Sinopec and Alaska Gasline Development Corp. to pipe liquid natural gas (LNG) from northern to southern Alaska. Smaller MOU deals were signed between Cheniere Energy and China National Petroleum Corp for the sale of LNG and between Delfin LNG and China Gas Holdings Ltd. for LNG. For more visit forbes.com or click http://bit.ly/2zWW1vC
